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How do I find the right property?
Obviously the choice of your dream home will be influenced by
the limit of your financial resources and the type of property
best suited to your needs.
The choice between a house, home unit or duplex will depend on
your requirements and also your lifestyle.
Purchasers with a low cash deposit and insufficient income to
finance a normal loan to purchase the house of their dreams are
well advised to consider a cheaper home unit as the first step
towards owning a detached home later on. The home unit will
provide them with a roof over their heads and will increase in
value to ultimately realise (on re-sale) a larger cash deposit
towards the purchase of a home.
You should begin by determining how much you can afford to spend
and what type of property you would like to purchase, in
consultation with your mortgage broker and real estate agent.
Secondly, decide on your choice of suburb or suburbs that
contain properties for sale in the style and price range you can
afford.
Thirdly, only inspect properties that contain your basic
requirements and try not to let emotion guide your ultimate
decision to buy. The number of bedrooms, proximity to your
employment, the structural condition of the property, are all of
vital importance and should not be overlooked in the buying
process.
Check out the following:
• What is the public transport like?
• How is the traffic, especially during peak periods?
• How long will it take you to get to work?
• Does the area cater for your lifestyle, with schools,
hospitals, shops, restaurants, parks, sports and other services?
As your home may be your largest financial outlay, you also need
to consider the area from an investment point of view,
particularly it’s potential re-sale value.
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